Nokia Oyj (HEL:NOKIA) Signs Patent License Deal with China’s Xiaomi

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Nokia Oyj (HEL:NOKIA) Signs Patent License Deal with China’s Xiaomi

Nokia Oyj (HEL:NOKIA) on Wednesday announced that it entered into a patent licensing agreement and a patent purchase deal with Chinese smartphone maker Xiaomi.

The parties agreed to cross-license cellular standard essential patents from each other. Xiaomi has acquired unspecified patents from Nokia.

Nokia will provide Xiaomi network infrastructure equipment to deliver the high capacity, low power requirements – which are companies that are processing a huge amount of data. The two companies also plan to work on optical transport solutions for data center interconnect, IP Routing based on Nokia’s newly-announced FP4 network processor, and a data center fabric solution.

“In addition to welcoming such a prominent global technology company to our family of patent licensees, we look forward to working together on a wide range of strategic projects,” Nokia CEO Rajeev Suri said in a statement.

Nokia announced that could also work with Xiaomi to explore opportunities in Internet of Things (IoT), augmented reality, virtual reality, and artificial intelligence.

In addition to making smartphones, Xiaomi is also betting on IoT. Its Mi Ecosystem IoT platform has crossed 60 million connected devices and there are more than eight million daily active connected devices on the Mi Ecosystem platform, according to the Chinese tech giant.

“Our collaboration with Nokia will enable us to tap on its leadership in building large, high performance networks and formidable strength in software and services, as we seek to create even more remarkable products and services that deliver the best user experience to our Mi fans worldwide,” Xiaomi CEO Lei Jun said in a news release.

Last month, Nokia Oyj and Technicolor announced a partnership to create VR content. The two frims said that they will work around Nokia’s OZO+ virtual reality camera as well as the OZO content creation tools.

Meanwhile, shares of Nokia Oyj (HEL:NOKIA) were trading up 2.03% on Wednesday. The stock is up over 20% so far this year. During the last 30 days, Nokia’s share price has surged more than 14%.